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The Solution 


ADDRESS BY 

ALFRED P. THOM 

At the Annual Dinner of the 
Railway Business Association 


January 16, 1917 


u 











H E 275"7 

C « |°/2 


REQUESTS FOR COPIES 
of this pamphlet will be welcome from all 
those desiring to place it in the hands of 
their representatives or friends. Copies 
furnished or sent direct to lists upon 
application to Frank W. Noxon, Secretary 
Railway Business Association, 30 Church 
Street, New York. 


i^aocintfo* 

F£S 17 1217 






l 

> 


he Solution 

ADDRESS BY 

ALFRED P. THOM 

General Counsel of the Railway 
Executives ’ Advisory Committee 


DELIVERED AT THE EIGHTH ANNUAL DINNER OF THE 
RAILWAY BUSINESS ASSOCIATION, NATIONAL ORGANI¬ 
ZATION OF MANUFACTURERS OF RAILWAY MATERIALS, 
EQUIPMENT AND SUPPLIES, AT THE WALDORF-ASTORIA 
HOTEL, NEW YORK, JANUARY 16, 1917 


I THANK you, Mr. President, for 
your cordial introduction, and 
for this wonderful opportunity. You 
have made it possible for me to 
stand to-night at the very center of 
commercial activity of the Western 
hemisphere. I address an audience 
fully representative of the broadest 
business experience and enlighten¬ 
ment of the American people. In 
such a place, before such an audi¬ 
ence, there are certain fundamental 
economic truths which need no dis¬ 
cussion; they may be taken as axio¬ 
matic. 

Axioms 

Here it may be taken as conceded 
that the highest and most important 
interest of the America'n public is 
that its transportation facilities shall 
at all times be kept adequate to the 
public need. In view of the practical 
suspension of railroad construction 
into new territory, of the delays and 
embargoes that have affected Ameri¬ 
can commerce, it may likewise be 
taken as conceded that as to that not 
even the present needs of American 
commerce have been provided for, 


and that there can be no contention 
that the future of American com¬ 
merce has been properly looked after 
and safeguarded. 

It likewise may be assumed before 
an audience of this intelligence and 
experience that these facilities can¬ 
not be provided out of current earn¬ 
ings, but that the American public 
must look for what it needs to the 
securing of the necessary money on 
the credit of the railroads. 

Let me therefore invite your at¬ 
tention for a few moments to the dif¬ 
ficulties which confront the respon¬ 
sible railroad manager when he at¬ 
tempts to secure the credit that is 
needed in the public interest. 

Regulation Correctional 

. At the outset he is confronted by & 
system of regulation born in resent¬ 
ment and anger at great commercial 
abuses, and which contains no ele¬ 
ment except that of correction and 
punishment; it contains no element 
of encouragement and assistance. It 
does not properly balance discipline 
with encouragement; it pulls down, 
it represses; it does not build. 


3 



Therefore this responsible railroad 
executive must go to the investor 
with a concession of that, as a sys¬ 
tem of regulation which has been 
adopted. 

Control Irresponsible 

He must admit that when the in¬ 
vestor enters this field of commer¬ 
cial enterprise he goes into a field 
where he has lost all control over 
his revenues because they are fixed 
for him by the system of regulation. 
Not only that, but he must admit 
that they are controlled and limited 
not by one comprehensive, wise and 
complete governmental authority, 
but by many diverse, unco-ordinated 
and irreconcilable governmental pol¬ 
icies and authorities. He must fur¬ 
ther admit that his expense account 
is beyond his control, because that 
is fixed for him by the demands of 
labor, by the economic conditions af¬ 
fecting all he buys, and by the same 
unco-ordinated and diverse public 
power of regulation. With this con¬ 
dition of regulation and with these 
admissions, he approaches the in¬ 
vestor whom he must attract and 
whom he cannot compel. 

Drain on Capital Supplies 

With what else is he confronted? 
A great war in Europe has made all 
that country a borrower instead of 
a lender; that great field of financial 
supply has been taken from him. In 
vast areas of the American continent 
also there is no supply of credit to 
the railroad. For example, one of 
Hie most important railroad systems 
‘that serve the South, recently being 
able to trace the ownership of a 
block of $100,000,000 of its bonds 
through the income tax provisions, 
found that but $3,500,000 was held 
in the South. The same, in some like 
proportion, is true of the West. So 
that there are two vast sections of 
the country practically withholding 
their credit from the railroad, from 


the provision of railroad facilities 
for the American people. With Eu¬ 
ropean credit withdrawn, with cred¬ 
it not supplied by these great terri¬ 
torial reaches of the American con¬ 
tinent, the railway manager comes 
to one little section of the country 
as a place from which he must de¬ 
rive the means of supplying the 
needed transportation facilities of 
the American people. 

But what else confronts him? He 
has had withdrawn from him that 
kind of capital that is willing to 
make adventure in the hope of large 
gain. He has no longer an opportu¬ 
nity to appeal to the speculative cap¬ 
ital of the world. That is an inev¬ 
itable result of regulation. You can 
no longer capitalize hope or faith to 
the investor in railroads. All you 
can capitalize is the meagre charity 
that is meted out by the politicians 
of the country. 

Property Rights Denied 

But there is still a larger difficulty 
which confronts him, and that is the 
value of the property in which he in¬ 
vests his money is being cut down by 
denials to that property of elements 
of value which are conceded to every 
other kind of property. 

The value of property that grows 
out of its earning capacity is not 
only a universal attribute of prop¬ 
erty, but the real and essential attri¬ 
bute of value, the thing that makes 
men want property,—the capacity to 
earn from it. This is denied by an 
important political faction in this 
country. The value of property in 
railroads as a going concern, the 
value of the business which success¬ 
ful railroad men have brought to 
their properties, the value that they 
have made by creating a neighbor¬ 
hood to business, the value that they 
have because they can bring return 
on fair rates from a large volume of 
business, all that is being denied by 
important men having the ear of a 
large part of the American people. 


4 


What is the consequence of that 
to the investor who may choose an 
investment, who may put it in a busi¬ 
ness that is not regulated, who may 
put it in a business the returns from 
which are not limited by law, and 
who is invited to put it in a property 
the returns from which are not only 
limited, but the very value of the 
property itself denied a universal at¬ 
tribute of property? 

Managerial Responsibility 

With that condition confronting 
this industry, essential to the well¬ 
being of the people, can you blame 
the responsible executives of Ameri¬ 
can railroads, that they have put their 
cause with earnest insistence before 
Congress and the country ? Can you 
wonder that, conscious of their re¬ 
sponsibilities, they have invited an 
examination of what the public in¬ 
terest requires, and have come for¬ 
ward to portray a situation with 
which they are finding an increased 
difficulty of dealing? 

I do not disguise from myself that 
the situation is a difficult one. I 
do not disguise from myself that 
there are strong and entrenched in¬ 
terests which will be loth to surren¬ 
der advantages which they have; 
that there are selfish interests which 
will not willingly surrender what 
they have acquired, and will not 
look in a broad and comprehensive 
way at the great problem and meas¬ 
ure it simply by the public interest. 

Hopeful Auguries 

But we are not without encourage¬ 
ment. There are great men in pub¬ 
lic position today, who are willing 
to look at the problem in a compre¬ 
hensive and patriotic way. The 
President of the United States has 
had his attention arrested; he has 
recommended that the whole prob¬ 
lem be studied in a calm and states¬ 
manlike way, in the light of the 29 
years of experience that we have had 


with regulation. We are having an 
attentive hearing by an important 
Committee of Congress. We have 
seen the interest of the American 
people aroused. They are giving at¬ 
tention and consideration to this 
matter as never before. All over 
the country meetings like this with 
calm and deliberate purpose are 
studying the problem from the 
standpoint of the public interest, 
and we have the historic fact of 
great triumphs in sound thinking 
and righteousness whenever the peo¬ 
ple become correctly informed. 

So to-night with all our difficulties 
before us, recognizing the tremen¬ 
dous task which we have, we are not 
without encouragement; not without 
hope that the problem which we pre¬ 
sent in a calm and patriotic way, of¬ 
fering to measure it simply by the 
public interest, will in time, a short 
time I hope, be recognized by the 
patriotism and the statesmanship of 
the American people, and that we 
will get relief for this fundamental 
interest which the public so greatly 
and so essentially requires. 

Definition of Purposes 

Events and the development of 
public thought have now brought 
us to the stage in which basic 
purposes affecting railway regu¬ 
lation must be precisely defined and 
declared. I believe that many—per¬ 
haps most—thinking men in all the 
states have come to realize that a re¬ 
adjustment is urgently needed. It 
appears to be true that an over-; 
whelming majority of men in official; 
station at Washington appreciate 
the necessity of dealing with the sub¬ 
ject in some effective way. I trust 
and believe that every member of 
the Joint Committee on Interstate 
Commerce, which is investigating the 
malady and will write the prescrip¬ 
tion, is convinced of the need for a 
real remedy. 


Points Already Agreed On 

If in that situation we are to 
emerge from the phase of diagnosis 
and move on into the zone of cure, 
it is essential that the several ele¬ 
ments of society affected should, 
through their representative men, 
subordinate minor differences and 
let their minds meet on a high plane 
of patriotic aspiration and states¬ 
manlike endeavor. 

It seems to be possible to state cer¬ 
tain things on which agreement is 
already manifest. 

Sag in Investment and Growth 

First—The fact that the rate at 
which existing lines are being devel¬ 
oped and new mileage is being con¬ 
structed is not in a proportion ap¬ 
proaching that which was an indis¬ 
pensable factor in the commercial 
and agricultural growth of the past. 
This is nowhere denied. 

Second—That commerce is even 
now being inconvenienced and im¬ 
peded by lack of transportation facili¬ 
ties, and there is no assurance, under 
existing governmental methods of 
regulation, that transportation facil¬ 
ities will hereafter be adequate and 
sufficient for the reasonable require¬ 
ments of the commercial public. 

Third—That to provide adequate 
transportation requires the constant 
input of large amounts of new capi¬ 
tal, which can be obtained only 
through credit. 

Fourth—During the period of di¬ 
minishing railway expansion, and of 
inadequate facilities on existing 
lines, a condition has arisen which 
makes other public utilities and the 
industrials a more attractive field 
for investment than steam railways. 
Nobody disputes that enterprises 
other than the roads have been ob¬ 
taining a larger proportion than for¬ 
merly of available new capital, and 
a very much larger proportion than 
the railroads. 


Regulation without Responsibility 

Fifth—Investors and those who 
advise them specify, as the reason 
for their change of preference, the 
transfer of control over expenses 
and receipts from the owners to vari¬ 
ous agencies of government, includ¬ 
ing semi-governmental wage boards, 
and the absence of any coordination 
of the several governmental agencies 
in a way to concentrate the author¬ 
ity and to fix the responsibility for 
financial results. In some quarters 
it is asserted that this frame of mind 
of investors has been deliberately 
caused by the railway managers 
through public declaration of im¬ 
pairment of railway credit; but those 
who express this view cannot deny 
the fact and must appreciate that the 
truth must be set forth in railway 
reports and neither can be nor 
should be concealed from investors 
and their bankers, nor do they indi¬ 
cate how the railway managers are 
ever to obtain relief from any ad¬ 
verse condition except by telling the 
public the real facts. 

Commission Not Now Legally 
Responsible 

Sixth—In the existing system of 
federal regulation, the act of Con¬ 
gress creating the Commission con¬ 
tains no clause explicitly placing 
upon the Commission responsibility 
for the establishment and preserva¬ 
tion of proper railroad credit or for 
so regulating rates in relation to ex¬ 
penses that investments will be ade¬ 
quately attracted. 

Seventh—Even if the Interstate 
Commerce Commission were by stat¬ 
ute made responsible for the aggre¬ 
gate financial results of its own or¬ 
ders and of the federal laws, it could 
have no effective control of the situa¬ 
tion so long as the authority is not 
completely federal, and state author¬ 
ities continue to regulate rates of 
carriers which do an interstate busi¬ 
ness and to control, one state con- 


6 



Aiding with another, the issue of se¬ 
curities. Few now profess to see ad¬ 
vantage in the exercise by the state 
of the power of supervision over se¬ 
curity issues. Nobody, so far as I 
know, denies that in regulation of 
rates the conflict between the differ¬ 
ent states and between the federal 
and state authorities occasions waste, 
loss and injury to the whole nation, 
but there are some in certain states 
who cling to the view that the state 
should regulate rates on hauls with¬ 
in the state. It seems reasonable to 
ask of these advocates that they pre¬ 
sent an affirmative plan for meeting 
the conditions as they exist in the na¬ 
tion as a whole for dealing with the 
essential question of railway credit, 
and for maintaining in a comprehen¬ 
sive way, with equal distribution of 
burden and without conflict of pol¬ 
icy or purpose, the instrumentalities 
of the nation’s commerce. An ade¬ 
quate solution from any source will 
be welcome. 

Results the Test of Remedies 

Indeed, I have the satisfaction of 
being able to say, with the authority 
of the railway systems which I rep¬ 
resent in this matter, that we are 
more concerned with results than 
with the pride of opinion; that if 
economists or bankers or shippers or 
members of Congress can propose a 
remedy which will cure the disease, 
the fact that the successful idea orig¬ 
inates somewhere else than with our¬ 
selves will not give us the slightest 
pang of jealousy or tinge of regret. 
We have said with deep sincerity 
that we invite the use of one single 
yard stick in testing the remedies 
which we propose, and that is the 
public interest. In the same spirit 
we hope all others will invite the ap¬ 
plication to any amendments or sub¬ 
stitutes which they may bring for¬ 
ward this same yard stick: that is, 
whether their proposal will attract 
investment into railway enterprises 
and restore railway growth to the 


rate which is essential for national 
development, national trade and na¬ 
tional defence. 


To Fix Responsibility by Statute 

Nobody within sound of my voice 
or within reach of the printing press 
needs to be reminded of the remedies 
which have been laid tentatively be¬ 
fore the Joint Committee of Con¬ 
gress on behalf of the railways. We 
think the act to regulate commerce 
should lay upon the Interstate Com¬ 
merce Commission the duty as well 
as confer upon it the power so to 
control the relation of income to out¬ 
go as to leave an adequate surplus as 
a basis of credit. We think the Inter¬ 
state Commerce Commission should 
have exclusive supervision over 
the issue of securities. To that end 
we think railway charters should be 
federal. We think that, in order to 
insure equality of commercial op¬ 
portunity to all the people and equal¬ 
ity in the distribution of the burden 
of maintaining at a standard of high 
efficiency the facilities of a universal 
commerce, the act should make clear 
that Congress has empowered the In¬ 
terstate Commerce Commission to 
regulate all rates, state as well as 
interstate, of carriers which do an 
interstate business. 

These are the fundamental ingre¬ 
dients. We believe that if the coun¬ 
try neglects by these or other meas¬ 
ures to fix the responsibility for 
financial results, regulation will fail 
and the government will be forced to 
provide transportation out of the tax 
levy. We believe that if these or bet> 
ter measures, well chosen to promote 
the same purposes, are speedilv 
adopted the American people will 
have equipped themselves with a 
beneficent agency of prosperity and 
will have done much to secure the 
blessings of national security, of 
civic harmony and broad commercial 
opportunity. 


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